4. Providing Extra Support Through Retirement<\/strong><\/p>\nMany people only associate life insurance with death, but the right policy can also fit into the mix for retirement planning. Permanent and whole life insurance last the policyholder\u2019s lifetime and often incorporate a \u201csavings\u201d component, known as cash value.<\/p>\n
With such policies, the cash value can be withdrawn or taken as a loan to supplement income during retirement or be put towards long-term care services.<\/p>\n
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5. Protecting a Business<\/strong><\/p>\nA business owner may also use certain types of life insurance policy to borrow money against. Keep in mind that only whole or permanent life insurance policies are eligible for cash value accrual.<\/p>\n
These types of policies generally carry higher premiums. But, because policyholders pay a greater amount than the death benefit, the insurance company can accumulate cash value. (Some policies may guarantee a specific cash growth amount, while others tie the cash value to current interest rates or invest in subaccounts).<\/p>\n
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6. Handling End-of-Life Expenses<\/strong><\/p>\nIncluding end-of-life expenses in a life insurance policy could spare loved ones more money and heartache. Costs vary between funeral homes and geographic areas, but it\u2019s not uncommon in the US to pay between $7,000 to $10,000 for a funeral service, burial, and headstone.<\/p>\n
Informing chosen beneficiaries that they\u2019re designated on a policy can help the life insurance claims process run more smoothly. They\u2019ll need a certified copy of the death certificate to then submit the requisite paperwork.<\/p>\n
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7. Preparing for the Unexpected<\/strong><\/p>\nWhile various types of insurance can protect and compensate for damage to your valuables and home, there is no price that can be put on someone\u2019s life. Still, death is one of life\u2019s certainties. And, life insurance is one tool for having a financial plan in place when death comes.<\/p>\n
An applicant\u2019s health and age can factor (among various considerations) into the pricing of life insurance premiums. Thus, waiting until a serious illness arises may inhibit securing a favorable life insurance plan, or one at all.<\/p>\n
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8. Offering Confidence<\/strong><\/p>\nWhile planning in advances for one\u2019s own death may feel a little morbid, making a plan for what would happen after a sudden death can give some individuals peace of mind that their loved ones will be taken care of.<\/p>\n
[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n<\/span>","protected":false},"excerpt":{"rendered":"Here are eight reasons why life insurance could be the right decision for you and your loved one\u2019s financial future: <\/p>\n","protected":false},"author":3,"featured_media":32956,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","_links_to":"","_links_to_target":""},"categories":[23,14],"tags":[],"_links":{"self":[{"href":"https:\/\/markiiieb.com\/wp-json\/wp\/v2\/posts\/31409"}],"collection":[{"href":"https:\/\/markiiieb.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/markiiieb.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/markiiieb.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/markiiieb.com\/wp-json\/wp\/v2\/comments?post=31409"}],"version-history":[{"count":2,"href":"https:\/\/markiiieb.com\/wp-json\/wp\/v2\/posts\/31409\/revisions"}],"predecessor-version":[{"id":32957,"href":"https:\/\/markiiieb.com\/wp-json\/wp\/v2\/posts\/31409\/revisions\/32957"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/markiiieb.com\/wp-json\/wp\/v2\/media\/32956"}],"wp:attachment":[{"href":"https:\/\/markiiieb.com\/wp-json\/wp\/v2\/media?parent=31409"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/markiiieb.com\/wp-json\/wp\/v2\/categories?post=31409"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/markiiieb.com\/wp-json\/wp\/v2\/tags?post=31409"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}